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Spotlight on

Digital Health & Wellness 2024

Digital health comes full circle 

We’ve been surveying the digital health industry for over five years. In that time, we’ve tracked significant transformations driven by advances in technology, increased investment, and shifting healthcare demands, both during and after COVID-19.

  • Results from our latest survey suggest that wearable tech and health apps are now ubiquitous, and generative artificial intelligence (AI) and machine learning will become increasingly commonplace. AI is already transforming diagnostic services and enabling early and efficient patient interventions, even as concerns persist over trust and bias.

    As digital companies expand into bricks-and-mortar operations, there’s a sense the industry is coming full circle. Business leaders are poised to create a more seamless and integrated healthcare experience by combining the convenience of telemedicine with the insight of AI and the assurance of a traditional care setting.

    As the industry evolves, our research shows its leaders are working ever more closely with their insurance partners to understand the range of risks they face. While some risks are obvious, such as ethical issues around the adoption of AI, others are less apparent.

    Technology platforms, for example, can struggle to recognise the duty of care they owe users. Virtual care businesses can fail to protect against the liabilities that often arise if technology shortcomings or cyber threats undermine the performance of software or hardware.

  • Analysing our research responses from 600 global business leaders of digital health & wellness companies surveyed in May 2024, we shed light on what’s shaping the industry, the key opportunities and challenges this year and beyond.

    Growth is Slowing

    In a fast-maturing sector, fewer than half of firms expect their business to grow.1

    Businesses are exploring multi-channel approaches as part of range of strategies to drive growth.

  • Big Cs’ Dominate

    Practitioner competency and cyber appear to be the top two risks facing this sector as ‘juniorisation’ of the workforce stress-tests business models.

    AI could be transformative – but only if companies can manage issues around trust, bias and intellectual property.

    Future is Conflicted

    Pros and Cons

  • Disconnect Challenges Insurers

    If digital health leaders understand their insurance needs, why do such a low proportion have the specialist insurance covers their business really needs, including for example bodily injury caused by a range of factors including malpractice due to remote working, technology errors or system failures?

1 I expect my business to ‘grow somewhat’ and ‘grow significantly’ combined  
2 ‘Somewhat agree’ and ‘Strongly agree’ answers combined.